20 Dec 2016other● Neutral
Registered office and principal place of business moved to Level 36, Riverside Centre, 123 Eagle Street, Brisbane, effective immediately. Administrative notice only; other contact details unchanged.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
18 Nov 2016investor presentation● Neutral
AGM presentation restates the Glenaras lateral story and a first reserves booking targeted for 2017. Shows share price 11.5c, market cap A$17.5M, cash A$6.7M, no debt. No new results.
25 Oct 2016quarterly activities report▲ GoodMajor
September quarter: Glenaras lateral now produces over 4 times the old five-well rate, flows below critical desorption pressure and first gas is through the separator. Cash A$6.7M, no debt. US and Chile remain inactive.
17 Oct 2016other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. Administrative form with no operational or financial news; its dates look inconsistent (financial year ended 30 June 2015, dated 17 October 2015).
17 Oct 2016annual report● Neutral
2016 Annual Report: chairman reports the lateral well's encouraging water rates and the aim of converting resources to reserves. Repeats the 100% ATP 529 ownership, 3C of 5,314 PJ and US wind-down. Text truncated; no new figures seen.
10 Oct 2016production update▲ GoodMajor
Lateral well is flowing water at over 2.5 times the old five-well pilot rate at 50% drawdown, above modelled expectations. Gas onset is expected in coming months. Executive salary cuts are reversed from 1 October and non-executive fees restored to 50%.
20 Sept 2016annual report● Neutral
Financial report for year to 30 June 2016: loss A$6.039M (prior year A$9.974M), including A$3.088M Galilee Basin exploration and A$1.701M US drilling. Restates AGL interest acquisition and 2015 resource upgrade. Text truncated.
6 Sept 2016drilling result▲ GoodMajor
Glenaras lateral well completed on time and within budget, with 400 m of lower R1 coal opened and intersecting Glenaras 3. Strong pressure response at Glenaras 4 exceeded expectations. Production restart is expected within a week, weather permitting; gas results are still to come.
16 Aug 2016drilling progress report● Neutral
Rig has mobilised and the Glenaras 3 workover began 15 August, starting the lateral well project. Drilling and workover should take about three weeks, then the pilot returns to production.
26 July 2016drilling scheduled● NeutralMajor
Galilee has contracted a lateral well through the Glenaras R1 pilot, with mobilisation by mid-August 2016. The vertical pilot is likely at equilibrium without more offtake. Success could allow a first reserves booking in early 2017, delayed from earlier hopes of mid-2016.
8 Mar 2016director officer appointment● Neutral
Executive Director Paul Bilston resigns, leaving 31 March 2016 for a gas infrastructure role in Melbourne, with notice waived to preserve cash. His role will not be replaced; a non-executive director with Glenaras commercialisation skills may be sought later.
1 Mar 2016half year report▼ Bad
Half-year to 31 December 2015: loss $4.624M (prior period $5.674M), mainly Glenaras workover/pilot costs of $1.946M and the Hoffer A well at $1.789M. Restates the strategic review outcomes and the 2015 resource upgrade. Text truncated.
21 Dec 2015other● NeutralMajor
Strategic review outcome: all US spending ceases except abandonment, with Kansas and Texas assets offered for sale or farm-out. Glenaras R1 results are expected late Q1 2016, with testing to June 2016. Cash expected above $11.0M at end December; executive pay cut 20%, non-executive fees waived.
11 Dec 2015drilling result▼ BadMajor
Hoffer A1 hit over 140 ft of Midcox sandstone but none judged commercial; the well will be plugged and abandoned. Galilee suspends US investment and starts a strategic review, with focus on Glenaras, where R1 test results are expected early 2016. Contradicts the hoped-for Hoffer follow-up.
19 Nov 2015investor presentation● Neutral
AGM presentation repeats the strategy and milestones. Adds cash A$14.9M at 30 September 2015, no debt, share price 11.5c, market cap A$17.5M. Says Glenaras production testing runs over the next 6 months and Hoffer A1 is drilling.
11 Nov 2015drilling spud▲ GoodMajor
Hoffer A1 spudded 8 November 2015, a 12,250 ft offset to the Hoffer B1 discovery, with Galilee's interest rising to 43.5% (34.8% after payout). Dry-hole cost ~US$1.9M (100%); success could give ~US$2.0M net revenue in year one. Drilling takes 30-40 days.
16 Oct 2015annual report● Neutral
2015 Annual Report, full version of the report lodged 30 September. Chairman cites the free AGL 50% of ATP 529P, 6 MMscfd at Hoffer B1, and Hoffer A1 drilling in mid Q4 2015. Text truncated, so no new figures.
16 Oct 2015other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, dated 16 October 2015. Administrative compliance form with no operational or financial news.
12 Oct 2015investor presentation● Neutral
Company update and new presentation restating the strategy: book reserves at Glenaras and move to US production. Adds share price 12c, market cap A$18.3M, cash A$16.0M (30 June), enterprise value A$2.3M. No new operational results.
9 Oct 2015drilling result▲ Good
All five Glenaras workovers at ATP 529P finished on time and under budget. Commissioning starts next week, then six to nine months of production testing of the R1 coal seam to see if commercial gas flows are possible.
30 Sept 2015annual report▼ Bad
Annual report for year to 30 June 2015: loss $9.974m versus $2.601m, driven by $8.789m exploration expense from US drilling. Restates the three-part strategy and the ATP 529P acquisition; text truncated, so no further figures.
17 Sept 2015drilling scheduled▲ GoodMajor
A workover rig has mobilised to ATP 529P to recomplete the five Glenaras pilot wells in the R1 coal seam. Workover should take about 6 weeks, then 6-9 months of production testing, which is key to converting contingent resources to reserves.
2 Sept 2015investor presentation● Neutral
Good Oil Conference presentation repeats known facts: new ATP 529P resource figures, Hoffer discovery, Chile application. Adds cash of A$16.0m at 30 June 2015, no debt, market cap A$15.1m at 9.9c, which it describes as trading below cash backing.
1 Sept 2015resource reserve update▲ GoodMajor
New MHA assessment lifts ATP 529P contingent gas resources to 308 PJ (1C), 2,507 PJ (2C) and 5,314 PJ (3C), from 259 PJ 2C in 2011, covering a larger area with new well data. No reserves yet; R1 test early Q4 2015.
27 Aug 2015asset acquisition disposition▲ GoodMajor
Galilee completed buying AGL's remaining 50% of ATP 529P, now 100% owner and operator. R1 coal seam testing is planned to start early in Q4 2015. Completes the deal announced 4 June.
7 July 2015well test result● NeutralMajor
Hoffer B1 Midcox zones flowed about 6 MMscfd in total, but poor cement integrity has compromised testing and some zones may not be usable in this well. Galilee still calls it a gas discovery; reserves auditor planned, development wells under US$2.0M each.
15 June 2015well test result▲ GoodMajor
First Middle Midcox zone at Hoffer B1 (about 17 ft net pay) flowed 3.5 MMscfd over 12 hours, with possibly 25-50 barrels of condensate a day. Testing was suspended after a suspected cement failure, repaired. Zones below the Middle Wilcox were not commercial. More testing follows.
4 June 2015asset acquisition disposition▲ GoodMajor
AGL agreed to transfer its 50% of ATP 529P to Galilee at no upfront cost, plus $590,000 for Glenaras operations, making Galilee 100% owner and operator. Subject to final agreement and approvals; resolves the earlier wait on AGL budget approval for the R1 test.
13 May 2015well test result● Neutral
Production testing began at Hoffer B1 (35% WI, 28% after payout), with about 200 ft across several zones to test and up to 10 tests possible. Testing started at the deepest zone, hampered by a blockage; results due after weeks of testing. Continues the April logging work.
12 May 2015admin correction● Neutral
Galilee lodged its updated securities trading policy, effective 8 May 2015, following ASX Guidance Note 27 changes. Administrative only; no operational or financial news for shareholders.